November 23, 2015
Exclusive banking & fintech partnership allows small business owners to apply for a loan of up to $300,000 online, with decisions in minutes and funding in just a few days
TORONTO [Press Release] - CIBC announced it is partnering with Thinking Capital to expand small business lending inCanada. This new online lending solution called Rapid Financing powered by Thinking Capital dramatically shortens the time it takes to apply and be approved for credit to help drive growth for business owners.
The fintech partnership is a first from a major Canadian bank, allowing small business owners to apply for a loan online, receive a credit decision in real time, and have funds in their account just days later. The new platform is a referral partnership between CIBC and Thinking Capital with lending offered in addition to traditional forms of small business financing from CIBC.
Key features of the program include:
- Speed - Loan applications are completed entirely online in under 10 minutes for loans between $5,000 and $300,000
- Real-time decisions - Completed applications receive a credit decision immediately, with most loan applications adjudicated in minutes through the Thinking Capital platform
- Faster funding - Funds from approved loans are deposited in a matter of days, not weeks
- An expanded market - By providing options in addition to bank financing, more small businesses are able to access funding to help grow their business. Any Canadian small business that has operated for more than six months may qualify with no upfront collateral required
- Access to banking offers - Loans approved through the new platform are funded by Thinking Capital, and incentives will be offered to business owners to move their business banking to CIBC. The Thinking Capital lending platform augments other business lending at CIBC.
"Our new lending solution with Thinking Capital is going to make borrowing funds for your small business much faster and easier, and will open doors for smaller growth-oriented businesses to reach their potential," says Jon Hountalas, Executive Vice President, CIBC Business and Corporate Banking. "This partnership is about leveraging innovation to broaden the options for our existing business clients and attract new business and personal banking relationships to CIBC."
Traditional financing options don't always keep pace with business needs
A key competitive advantage for many small business owners is the ability to act quickly in the face of market opportunity. However, traditional bank financing options can lack the flexibility to keep up with fast moving businesses that need access to funds in a short time frame. CIBC's new partnership with Thinking Capital empowers these owners to move quickly and capitalize on growth opportunities as they occur.
"Our new partnership with CIBC represents a big step forward in transforming the way small businesses access credit, and is a big win for small business owners across Canada," says Jeff Mitelman, CEO and co-Founder of Thinking Capital. "Our collaboration represents an industry first and an opportunity to demonstrate how banks and financial technology companies can work together to offer the best possible solutions to their clients."
Faster funding supports hiring, expansion, and time-limited opportunities for business owners
According to a recent report from CIBC, small and medium sized enterprises are entering a new reality, one that will force them to look to innovate and enter new markets to sustain growth. Obtaining the necessary capital to fund increased investment in their business will be necessary to stay competitive and grow.
Rapid Financing powered by Thinking Capital can help small businesses:
- Receive quick funding for renovations, hiring, expansion or inventory purchases
- To take advantage of time-limited opportunities, such as deals on supplies or equipment
- Secure protection against short-term interest rate fluctuations
- Make repayments in line with their business' seasonal cash flows
More information can be found online.
CIBC Small Business Services
For nearly 150 years, CIBC has been providing small business owners with the advice, services, and support they need to thrive and grow. CIBC recognizes that the business and personal finances of small business owners are often intertwined, which can present both opportunities and challenges. We believe that the best advice comes from someone who understands your needs as a business owner and as an individual.
CIBC provides small business owners with the services of a dedicated CIBC Small Business Advisor, who acts as a single point of contact for all small business owner needs. This experienced professional is committed to understanding the business and the industry in which small business owners operate, as well as their personal financial goals. CIBC business advisors work with small business owners to find integrated solutions to help them achieve their vision for their business and their life.
About Thinking Capital Thinking Capital, a leader in the Canadian fintech industry is focused on reinventing the way small businesses access credit. Since 2006, it has helped more than 10,000 small-to-medium-sized Canadian businesses reach their full potential. By combining industry experts and technology, Thinking Capital is transforming the opportunity for business owners to obtain capital to ultimately grow their business through speed and convenience. For more information, visit.
About CIBC CIBC is a leading Canadian-based global financial institution with nearly 11 million personal banking and business clients. Through our three major business units - Retail and Business Banking, Wealth Management and Capital Markets - CIBC offers a full range of products and services through its comprehensive electronic banking network, banking centres and offices across Canada with offices in the United States and around the world. You can find other news releases and information about CIBC in our Media Centre on our corporate website.